I gave a 45-minute presentation on Yield Purchasing Power at American Institute for Economic Research in Great Barrington, MA on October 14, 2016. I am grateful to the Institute for recording video of my presentation plus extended Q&A.
Russia’s Foreign Affairs spokesperson, Maria Zakharova, lost her cool in response to a Western journalist who asked her the question: “Why is Russia supporting Assad, who is killing civilians?” But even more incredible was the utter lack of response when US State Department officials were asked what the different between bombings in Syria and Saudi air strikes in Yemen.
“Instead of pricing equities off this fragile state of earnings, look at valuations compared to revenue, which cannot be manipulated. This should give a better metric of how overvalued the equity market currently is.” With that, it would seem to be high time to don your rose-colored glasses...
"I gave a lecture in Moscow during the spring about western-Soviet relations over the last century. With the partial exception of World War II, it is a narrative of unrelenting hostility. After I had finished, a student asked, 'why do they hate us so?' The answer is not complicated."
"Trump is trying to make America a bit more like Switzerland. Clinton is trying to make America less like Switzerland. Spend a day in Switzerland and tell me who has the better plan. This country is amazing."
As part of the July stress tests results, which "promised to restore faith in Europe’s banks by assessing all of their finances in the same way" Deutsche Bank’s result was boosted by a "special concession" agreed to by Mario Draghi: DB's results included the $4 billion in proceeds from selling its stake in Chinese lender Hua Xia even though the deal had not been done by the end of 2015, the official cut-off point for transactions to be included.
The tensions between Russia and the USA have reached an unprecedented level. The situation is even worse and more dangerous than during the Cuban Missile Crisis. Both sides are now going to the so-called “Plan B” which, simply put, stand for, at best, no negotiations and, at worst, a war between Russia and the USA.
The end of growth exposes the stupidity and ignorance of all but (and even that’s a maybe) a precious few (of our) ‘leaders’. We are transcending into an entirely different stage of our lives, our economies, our societies. Growth is gone, it went out the window long ago only to be replaced with debt. And that’s going to take a lot of getting used to. But there’s nothing that says we couldn’t see it coming.